KudoZ home » German to English » Bus/Financial

Finalitätsgesetz

English translation: (Settlement) Finality Directive

Advertisement

Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs
(or are passionate about them). Participation is free and the site has a strict confidentiality policy.
15:59 Apr 30, 2001
German to English translations [PRO]
Bus/Financial
German term or phrase: Finalitätsgesetz
The amendment of the National Bank Act provides for the introduction of payment system supervision. Damit wird die im Finalitätsgesetz erfolgte Umsetzung der EU-Finalitätsrichtlinie sinnvoll ergänzt. (Austrian law)
Marcus Malabad
Canada
Local time: 20:31
English translation:(Settlement) Finality Directive
Explanation:
Look at the following document:

http://www.ecb.int/pub/pdf/eusss98.pdf

"The finality of settlement is ensured by law and/or the general terms and conditions of the SSS and legally protected against the effect of any “zero hour rule” or other insolvency-related provisions. The implementation of the Settlement Finality Directive will improve this situation; however, even before then, the chances of any securities settlements in these countries being unwound because of these insolvency-related provisions were assessed to be very low. Netting procedures are legally enforceable in the countries in which they are used."

Fuad
Selected response from:

Fuad Yahya
Grading comment
2 KudoZ points were awarded for this answer

Advertisement


Summary of answers provided
na[amendment] to the securities transfer actgangels
na(Settlement) Finality DirectiveFuad Yahya
naFinalitätsgesetzUschi (Ursula) Walke
naLaw of appropriation of funds??
Tom Funke


  

Answers


2 hrs
Law of appropriation of funds??


Explanation:
Finalität: Bestimmung eines Geschehens, einer Handlung nicht durch ihre Ursache, sonderun durch ihren Zweck; Zweckbestimmtheit. (Duden, Deutsches Universlwörterbuch)

Zweckbestimmung: appropriation of funds
(Langenscheidt New College German Dictionary).

Finalitätsgesetz
von
RA Dr. Florian Gibitz
RAA Mag. Dominik Leiter
Gußhausstraße 2/5
A-1040 Wien, Österreich
Tel. +43 1 503 77 80

Am 10. Dezember 1999 tritt das Bundesgesetz über die Wirksamkeit von Abrechnungen in Zahlungs-, sowie Wertpapierliefer- und -abrechnungssystemen (Finalitätsgesetz, BGBl I Nr 123/1999) in Kraft, welches wesentliche Neuerungen für die Zusammenarbeit zwischen Kreditinstituten, Wertpapierfirmen und Körperschaften öffentlichen Rechts in und außerhalb des Gemeinsamen Marktes statuiert. Damit zusammenhängend wurden auch die Ausgleichs- und Konkursordnung geändert.


Zielsetzung

Die Erlassung des Finalitätsgesetzes erfolgte in Umsetzung der Richtlinie 98/26/EG vom 27. Jänner 1999. Diese Richtlinie trägt dem Umstand Rechnung, dass Zahlungs-, Wertpapierliefer- und -abrechnungssysteme im Gemeinsamen Markt zunehmend an Bedeutung gewinnen. Derartige Systeme arbeiten auf Basis verschiedener, vor allem multilateraler Formen der Aufrechnung ("Netting") von Zahlungsaufträgen.
(There is more...)
http://www.hugelaw.com/new/texte/wi060899-8.html

Perhaps this provides at least some useful "Ansätze".


HTH, Tom



    see above
Tom Funke
Local time: 14:31
Native speaker of: English
PRO pts in pair: 2419
Login to enter a peer comment (or grade)

3 hrs
Finalitätsgesetz


Explanation:
I don't think you should translate, but explain:

(federal law stating ESSENTIAL AMENDMENTS with regard to the cooperation between credit institutions, securities houses and public corporations, in- and outsinde of the Common Market).

Like Tom, I found
http://www.hugelaw.com/new/texte/wi060899-8.html
'Am 10. Dezember 1999 tritt ... (see Tom Funkes answer).

I'm not sure about Tom's answer although I can't better it, but I think it should then be:

AMENDED/NEW/REFORMED law ...

Just an 'Ansatz'!
Regards to all!





Uschi (Ursula) Walke
Local time: 05:31
Native speaker of: Native in GermanGerman
PRO pts in pair: 492
Login to enter a peer comment (or grade)

6 hrs
(Settlement) Finality Directive


Explanation:
Look at the following document:

http://www.ecb.int/pub/pdf/eusss98.pdf

"The finality of settlement is ensured by law and/or the general terms and conditions of the SSS and legally protected against the effect of any “zero hour rule” or other insolvency-related provisions. The implementation of the Settlement Finality Directive will improve this situation; however, even before then, the chances of any securities settlements in these countries being unwound because of these insolvency-related provisions were assessed to be very low. Netting procedures are legally enforceable in the countries in which they are used."

Fuad



    See citation above
Fuad Yahya
Native speaker of: Native in ArabicArabic, Native in EnglishEnglish
PRO pts in pair: 128
Login to enter a peer comment (or grade)

15 hrs
[amendment] to the securities transfer act


Explanation:
Since it refers to certain modes and/or conditions of payment for securities, this would be the most appropriate

gangels
Local time: 12:31
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in pair: 5508
Login to enter a peer comment (or grade)




Return to KudoZ list


KudoZ™ translation help
The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.



See also:



Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search